Treasury seeks permission to be able to withdraw 1p, 2p, and 5p coins

Despite this Treasury says inflation has caused the purchasing power of 1p, 2p and 5p coins to diminish and the cost of minting them actually now exceeds their face value.

No Manx 1p and 2p coins have been minted since 2016.

The explanatory note, accompanying the bill, says: 'For the sake of clarity these are enabling provisions and there is no immediate plan to give effect to this.'

Meanwhile, on currency matters, Treasury also wishes to introduce a legal basis for rounding cash transactions in anticipation of the small denomination coins being withdrawn from circulation.

The note adds: 'This results from the current Treasury policy not to retain or renew stocks of these coins. 

'In the event stocks of these coins run low statute will indicate to both businesses and customers how cash transactions should be rounded.

'It also provides the Treasury with power to direct certain classes of businesses to round transactions to the nearest 5p or zero should they fail to do so voluntarily.'

You can find more information about the Treasury (Miscellaneous Provisions) Bill 2024 HERE.